0 offers selected
BEST OF

5 Best Brokerage Accounts for High Interest Rates on Cash Sweep

Interest rates are the highest they've been in two decades, and these brokers pay the highest rates on uninvested cash.

Arielle O'Shea
By Arielle O'Shea 
Edited by Chris Davis

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.


The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

The Federal Reserve raised interest rates 11 times over the past two years, which put rates at a two-decade high. That momentum is expected to slow in 2024, and the first Fed meeting of the year kept rates steady. That means now is the time for investors to capitalize on the opportunity to earn more interest from uninvested cash. (Uninvested cash can wind up in your brokerage account for a variety of reasons — it can be cash deposits you simply haven't used to purchase investments yet, or dividend payments that weren't reinvested automatically.)

Interest on uninvested cash is often referred to as a "cash sweep," which is just what it sounds like — some brokers sweep your cash into high-yield options. The key word is "some" — many do not, which typically means they're earning interest on your cash rather than passing it along to you.

In NerdWallet's analysis, the below brokers offered the highest APYs or yields on idle cash.


Why you can trust NerdWallet's picks: Our writers and editors together have more than 50 years of experience writing about finance, and follow strict guidelines to maintain editorial integrity. We do a deep, independent analysis of dozens of investment firms, sorting through the details to find and evaluate the information investors want when choosing an investing account. To see our full methodology and learn more about our process, read our criteria for evaluating online brokers.

🤓Nerdy Tip

You can earn 5% or more on uninvested cash in your brokerage account. But to do so, you have to choose a broker with a high cash sweep rate, like those listed here.

Best Brokerage Accounts for High Interest Rates on Cash Sweep

Our pick for

Interest rate of 5% or more

NerdWallet rating 

4.3

/5
Robinhood
Learn more

on Robinhood's website

Fees

$0

per trade

Account minimum

$0

Promotion

1 Free Stock

after linking your bank account (stock value range $5.00-$200)

NerdWallet rating 

4.7

/5
Webull
Learn more

on Webull's website

Fees

$0

per trade

Account minimum

$0

Promotion

Get up to 75 free fractional shares (valued up to $3,000)

when you open and fund an account with Webull.

NerdWallet rating 

4.2

/5
Vanguard
Learn more

on Vanguard's website

Fees

$0

per trade

Account minimum

$0

Promotion

None

no promotion available at this time

Our pick for

Interest rate of 4% or more

NerdWallet rating 

5.0

/5
Fidelity
Learn more

on Fidelity's website

Fees

$0

per trade for online U.S. stocks and ETFs

Account minimum

$0

Promotion

None

no promotion available at this time

NerdWallet rating 

5.0

/5
Interactive Brokers IBKR Lite
Learn more

on Interactive Brokers' website

Fees

$0

per trade

Account minimum

$0

Promotion

None

no promotion available at this time

Last updated on February 1, 2024

Methodology

NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. brokerage firms by assets under management, along with emerging industry players. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars).

For more details about the categories considered when rating brokers and our process, read our full methodology.

To recap our selections...

NerdWallet's Best Brokerage Accounts for High Interest Rates on Cash Sweep